The $2,250 OAS benefit increase is set to be published on 29th, January 2024. The OAS payment is now CAD 68500 from $66500 as announced by Canada Prime Minister and it will take effect on January 9, 2024. The benefit is for Canadian citizens, 65 years of age and making contributions to the Canada Old Age Security.
OAS Benefit Increase 2024
The OAS Benefit Increase was with effect from January 9, 2024. Canada citizens who expect age security payment must check the 2024 OAS status, via official website canada.ca and log in to my service canada account.
The Canada retirement income plan includes: the Canada Pension Plan(CPP), the Old Age Security, and Individual Retirement Savings/Employment Pension Plan. The OAS is different from CPP as it’s not connected to your employment history.
Old Age Security is a retirement plan offering financial assistance to Canadian citizens, 65 years of age and above. The 2024 CPP reflects the January $2250 OAS payments increase. The CRA will make payments to qualified individuals to their bank account.
Canada.ca old and new OAS security payment
The table below summarise the old and new OAS Benefit:
| Program Name | OAS Benefit |
| Eligible individuals | 65 years and above |
| Objectives | Offering financial stability |
| Old OAS amount | CAD 66500 |
| New OAS amount | CAD 68500 |
| Increase benefit | $2250 |
| Payment Date | Third last day, each month |
| Agency | Canada Revenue Agency(CRA) |
| Website | Canada.ca |
It is important to note that if the payment date falls on a holiday, the amount will be credited on the following working day.
How to check 2024 Maximum OAS Increase
Here’s how to check the 2024 maximum OAS increase.
- Visit the official website of the Canadian Government – canada.ca
- Select “Maximum Benefit Amount 2024” link
- The link will display the Maximum OAS Increase in 2024
- Once you make payments and record, the money will appear in your bank account
- You can opt to save the page and use it later
How Much Is OAS in Canada 2024?
According to Canada Prime Minister, the Old Age Security increase payout will take effect from January 9, 2024. The amount rises from CAD 66500 to CAD 68500, the new $2250 boost is for financial assisting Canadian citizens, 65 years of age and above. As from July 2022, recipients who are 75 years old, are entitled to a 10% automatic increase of their Old Age Security pension.
Here are income for various age groups and the OAS payment amount in the year 2024.
| Age | Income | 2024 OAS Payment Amount |
| 65-74 years old | $134626 | $707.68 |
| Age 75 | $137331 | $778.45 |
| SingleWindowDivorced | Less than $21456 | Up to $1057.51 |
| Spouse receiving full OAS | Less than $28320 | Up to $636.26 |
| Spouse receiving allowance | Less than $39648 | Up to $636.26 |
| Spouse not receiving OAS | Less than $51408 | Up to $1057.01 |
| Spouse receiving full payment | Less than $39648 | Up to $1343.94 |
| Spouses aged 60-64 | Less than $28872 | Up to $1602.07 |
While OAS pension is a low-income level, recipients may qualify for other benefits including: the Allowance for the Survivors, the Allowance, and the Guaranteed Income Supplement(GIS). If you’re employed and not working, you can get age security OAS as your retirement income, as the benefit is not from your contributions but from governments’ general tax revenues.
The 2024 Maximum OAS Increase
The 2024 Maximum OAS Clawback Limit rises from $86912 to $90997, payment is made direct to your bank account. To get the money, one must make contributions to the CPP plan. It is important to note that to receive the maximum amount, you need to have lived in Canada for 40 years after the age of 18.
The table below shows Maximum OAS Increase January-March 2024:
| Type of benefit | Maximum OAS Increase 2024, Jan-March |
| OAS Pension | $713.34 |
| OAS Pension age 75+ | $784.67 |
| GIS | $1065.47 |
| Allowance | $1354.69 |
OAS Payment Dates for 2024
Here is the OAS age security payment schedule for 2024 to help you plan your monthly budget in advance:
- 28 January 2024
- 24 February, 2024
- 26 March, 2024
- 26 April, 2024
- 29 May, 2024
- 26 June, 2024
- 29 July, 2024
- 28 August, 2024
- 25 September, 2024
- 29 October, 2024
- 27 November, 2024
- 20 December, 2024
Who Qualifies for OAS Benefit Increase?
To qualify for the Old Age Security Pensions:
- You must be 65 years and above
- Must be living in Canada when application approved
- Must be a residence in Canada for more than 10 years after age of 18
If you live outside Canada:
- Must have been a Canadian citizen or legal resident when you left
- Must have resided in Canada for more than 20 years after turning 18
Other instances include: you reside or made contributions in a country that has a Social Security agreement with Canada.
How to Apply for Old Age Security in 2024?
Here are the procedures to apply for OAS supplement online:
- Visit the Canada official website at canada.ca and select
- There are various services on the page, click on OAS program
- Decide when to start the program
- Scroll down and complete the application
- Once you submit, a code will display on “My Service Canada Account(MSCA). In case you need help contact helpdesk at 1 800 277 9914
If you need to apply via mail, you’ll need the following documents:
- Application for a Guaranteed Salary Supplement
- Payment request for survivors benefits packages
- Applicants Access credentials and T4s
- Legal remarks
Once you get the above documents, download the pdf form from OAS official portal. Then fill the form correctly and enclose the above mentioned documents. Submit your form, you’ll receive an email confirmation or a phone call from the authorities.
Regardless of the method you choose, you need to apply the months after you turn 64 for you to receive age security pensions at 65 years of age.
$2250 Benefit Increase 2024 Frequently Asked Questions
Who will receive the $2,250 Benefit Increase in 2024?
The $2,250 Benefit Increase will be given to Canadian citizens, turning 65 years and above.
How much is the increased amount of 2024 OAS?
The increased amount of 2024 OAS is $68500 from the previous amount of CAD 66500.
When will I receive the Canada.ca OAS benefit payment in January?
The Government of Canada has set to disbursed the OAS benefit on January 29, 2024. Payment will be via direct deposit to your bank account.
From where can I get details about the $2,250 OAS benefit increase 2024?
Visit the Canada official website at canada.ca to get more details about the $2,250 OAS benefit increase 2024.
Can you delay OAS payments?
Yes, you can delay OAS payments for up to 5 years until age 70. You’ll receive more benefits when you get your payment. Note for every deferred month, your payments will increase by by 0.6% up to 36%.